U.S. businesses are dissatisfied with Washington’s attempts to overregulate firms and its inability to deal effectively with issues such as the border crisis and inflation, the head of the U.S. Chamber of Commerce recently said, while highlighting the dangers of foreign regulation. “There is a long and meaningful list of policy priorities that our lawmakers…
America’s Businesses Are ‘Fed Up’ With Washington Amid Overregulation, Inflation, Border Crisis: US Chamber
January 13, 2023
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American Chamber of CommerceBusiness & Marketseconomic policieseconomyfree market policiesgovernment overreachinflationPolicies & ImpactsSuzanne ClarkUS
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Treasury Secretary Warns Congress US Will Hit Debt Ceiling Within a Week
Treasury Security Janet Yellen warned the United States is projected to hit its $31.4 trillion debt borrowing limit by next week, according to a letter she sent to congressional leaders on Friday. In a letter (pdf) to House Speaker Kevin McCarthy (R-Calif.), Yellen wrote that according to projections, the country will hit the debt ceiling…
Citigroup Misses Profit Estimates on Provision Hike, Dealmaking Slowdown
January 13, 2023
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Business & MarketsCitigroupCompanieseconomic policieseconomyinflationMarketsrecessionresultsstocksUSUS News
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Citigroup Inc. reported a 21 percent fall in quarterly profit on Friday, missing forecasts, as the bank increased provisions to prepare for a worsening economy and investment banking revenue declined due to a sharp drop in dealmaking activity. Fears of a potential recession prompted Citi to add $640 million to its reserves in the fourth…
Wells Fargo Misses Profit Estimate on Higher Reserves, Scandal Costs
January 13, 2023
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Business & MarketsCompanieseconomic policieseconomyinflationMarketsrecessionresultsstocksUSUS NewsWells Fargo
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Wells Fargo & Co. on Friday reported a 50 percent decline in profit for the fourth quarter, missing analysts’ estimates, as the bank racked up more than $3 billion in costs related to a fake accounts scandal and boosted loan loss reserves for a potential economic slowdown. The bank’s shares were down nearly 4 percent…
Medicare Advisory Board Recommends Congress Raise Medicare Payment Rates to Hospitals, Doctors
The Medicare Payment Advisory Commission (MedPAC) voted unanimously on Jan. 12 to recommend increased Medicare payment rates for hospitals and physicians next year while simultaneously slashing fees to skilled nursing facilities amid labor shortages and increases costs. MedPAC, a nonpartisan independent legislative branch agency that makes payment and policy recommendations to Congress on Medicare issues, approved a string…
JPMorgan Beats Profit Estimates, Sees Mild Recession
JPMorgan Chase & Co., the biggest lender in the United States, said on Friday it set aside $1.4 billion in anticipation of a mild recession, even as it beat forecasts for quarterly profit on the back of a strong performance at its trading unit. Shares in JPMorgan fell about 3 percent in premarket trading as…
Bank of America Profit Tops Estimates as Higher Rates Boost Income
Bank of America Corp. reported a bigger-than-expected fourth-quarter profit on Friday, helped by a surge in net interest income as the U.S. Federal Reserve raised rates through most of last year. The ‘higher-for-longer’ rate environment to battle decades-high inflation has underpinned profits at consumer banks, with analysts expecting those gains to peak in 2023 and…
Reps. Roy, Spanberger Reintroduce Bill Banning Members of Congress From Trading Stocks While in Office
January 13, 2023
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Abigail SpanbergerBusiness & MarketsChip Roycongresseconomic policieseconomyInvestmentMarketsmembers of CongressPoliticsstockstradingUSUS News
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Reps. Abigail Spanberger (D-Va.) and Chip Roy (R-Texas) have reintroduced legislation effectively banning members of Congress—as well as their spouses and dependent children—from trading stocks while they are in office. The bipartisan duo of lawmakers introduced the new bill, titled the “Transparent Representation Upholding Service and Trust (TRUST) in Congress Act,” on Jan. 12. Originally proposed in June 2020…
Wall Street Opens Lower After Bank Results
Wall Street’s main indexes opened lower on Friday as remarks from executives of major U.S. banks deepened concerns about a slowdown in economic growth, while a slump in Tesla’s shares also pressured the Nasdaq. The Dow Jones Industrial Average fell by 257.18 points, or 0.75 percent, at the open to 33932.79. The S&P 500 opened…
Fed Policymakers Signal Rate-Hike Slowdown Coming, but No Easing
Federal Reserve policymakers on Thursday expressed relief that inflation continued easing in December, paving the way for a possible step down to a quarter-point interest rate increase when the U.S. central bank meets in just under three weeks. U.S. consumer prices fell in December in the first month-to-month decline in more than 2–1/2 years, and…
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